EUR/JPY 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY formed a double top pattern, moving within which the pair managed to hit more than a two-year high for two times. After attaining this peak for the second time, the currency couple reversed its trend and moved to the south to breach the pattern's support thus speeding up the bearish breakout. Currently, the EUR/JPY is trying to rebound, approaching its 50-bar SMA; however, the strength is likely to appear short-lived as the pair is supposed to continue falling after it crossed the pattern's support. Meanwhile, market players do not expect the EUR/JPY to dive further, being bullish in 63.64% of cases.
© Dukascopy Bank SA
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